By BERNARD CONDON
NEW YORK (AP) — Give Marjorie Taylor Greene credit where it’s due: As stocks tanked on tariff fears, she showed her faith in the president not just with words but dollar bills.
The Republican congresswoman, an avid supporter of the Trump administration’s trade policies, not only bought stocks last week as others dumped them in a panic — she scooped up some of the biggest losers.
Lululemon, Dell Computer, Amazon, the parent of Restoration Hardware and a few others hit hard by Trump’s tariff threats were down 40% on average late last week when she pounced.
Data from a required three-page financial holdings document doesn’t disclose exactly how much she paid for the stocks, only ranges and dates.
But however much she spent, some of her bets are working out so far, at least as of Wednesday’s close.
RH, formerly called Restoration Hardware, is Greene’s clear winner. It jumped more than a third since since Friday’s close when she bought it after a stunning collapse in price that shook even the head of the furniture retailer.
“Oh, sh…!,” said RH CEO Gary Friedman in a conference call last week as the stock plunged.
Dell has jumped 9% since Greene bought the stock last week after it had lost more than half its value.
Lawmakers from both major parties have proposed bills banning members from stock trading because of the apparent conflict of interest in owning shares of companies they can heavily influence with positions they can take in office.
But none of the clunkily named bills — The Transparent Representation Upholding Service and Trust in Congress Act, for instance — has been passed. A new bill, The End Congressional Stock Trading Act, was proposed last month.
Asked whether she made the stock purchases herself and about possible conflicts of interest, Greene said in a statement: “I have signed a fiduciary agreement to allow my financial advisor to control my investments. All of my investments are reported with full transparency.”
The MAGA supporter has been outspoken in her support of Trump’s tariffs.
“Tariffs are a powerful proven source of leverage to protect our national interests,” she posted on X earlier this year, adding “We will win this trade war.”
Investors are not completely convinced.
After surging on Wednesday when Trump called a partial halt to the import taxes, stocks were heading down again Thursday.
Originally Published:
Source: Paradise Post
